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washington will find out what wall street thinks of congress' last ditch compromise. >> we will talk more about this latest deal. for that i am joined by our business correspondent. as we heard hard fought compromise in the senate at least but not everybody seems to be too satisfied. >> it is a compromise. both sides had to withdraw from their original positions. democrats wanted to raise taxes for yearly family incomes starting at $25,000. now it has been pushed to $450,000. if you look at the republicans they preferred to not raise any taxes at all. that idea did not succeed at all. but there is a feeling of relief that the deal has been reached. you have to keep in mind the compromise needs to pass the house of representatives with the republican majority. >> if it does pass will it be effective and solve the budget problem in the united states? >> no. major issues have not been addressed so far. if you look at the questions of automatic spending cuts and other federal programs they have been postponed for two months. and also included in this debate the u.s. once again reached their d
-passing the compromise deal congress can try to take credit for retroactive tax cuts. >> this law is just one step in the broader effort to strengthen our economy and broaden opportunity for everybody. >> reporter: they have to deal with automatic spending cuts they put off and there will be a after they fight over the debt ceiling. sherrie johnson, abc2 news. >>> following last night's vote, congressman harris released a statement reading in part i oppose the legislation but in-- that increases taxes on 77% of people in my district. this bill is business as usual in washington and does nothing to deal with the real fiscal cliff, our 16.4 trillion dollar deficit. in fact, it adds 4 trillion dollars to the debt. he goes onto add that americans will pay an average of 1,000 dollars more in taxes this year than last. >>> news time 5:04. hillary clinton continues to recover in a new york hospital where she is treat being treated for a blood clot in her -- being streeted for a blood clot in her head. they are confident she will make a full recovery. she was admitted to the hospitalon sunday. >>> a two-a
holiday expired. so most of us are paying 2% more in taxes. and just as congress compromised on the fiscal cliff deal, it's gearing up for two big fights in the coming weeks, raising the debt ceiling and cutting government spending. >> and the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little bess brinksmanship, not -- a little bit less brinksmanship, not scare americans so much. >> reporter: people will have less cash by paying more with the payroll tax. live in washington, kyla campbell, ktvu channel 2 news. >> all right. >>> the dow is up 240. the rest of the index is up about 2% right now. and we have more on the fiscal cliff vote on our website. go to ktvu.com and click the tab on the front page. >>> some members of congress are on the floor right now, on the floor of the house of representatives, calling for a vote on legislation to help the victims of superstorm sandy. lawmakers are angry because the republican house leadership ended the session without voting on that sandy bill
government programs. now although congress missed the january 1st midnight deadline by-passing the compromise deal in the house and senate, congress can try to take credit for retroactive tax cuts. >> i will sign a law that raises taxes on the wealthiest 2% of americans while preventing a middle class tax hike that could have sent the economy back into a recession. >> reporter: now the president praised the deal and quickly took off for a hawaiian vacation. now in march, another round of fighting as congress tackles the debt ceiling. reporting live, sherrie johnson. >> after this happened maryland congressman andy harris released a statement in part reading, i oppose this legislation that increases taxes on 77% of people in my district. and here's why congressman harris says the deal actually raises taxes on most americans. that deal prevented an increase on income taxes but you will have to pay more coming out of your paycheck. that's because this deal didn't extend to the payroll tax holiday which means someone earning 50,000 dollars a year will pay about 1,000 dollars more a year in social
and although congress missed a january 1st midnight deadline by-passing the compromised deal in the house and senate, congress can take credit for retroactive tax cuts. >> it's a very, very strong first step. >> this is an important one and a critical one for the future of the country. >> reporter: now in about two months, congress needs to deal with spending cuts they put off and there will be a fight over the debt ceiling. reporting live in federal hill, sherrie johnson, abc2 news. >>> so the deal is done and we won't pay anymore in taxes this year. but it's not true. the fiscal cliff deal keeps income tax rates at courage level for 98% but doesn't extend the payroll tax cut. more will go into socialsecurity. most lower and middle income familiesly vied -- families will avoid a thousand more in income taxes they will pay more for payroll taxer. >>> 2013 means changes are coming to health care. big thing to watch is with the health insurance exchanges. they have to be up and running by october 1st. only 18 states including maryland on thed to build their exchange -- opted to build their
-passing the compromise deal in the house and senate, congress can try to take credit for retroactive tax cuts. >> it's a very, very strong first step. >> this is an important one. that is critical one for the future of the country. >> reporter: so in march another round of fighting as congress tackles the debt ceiling. sherrie johnson, abc2 news. >>> immediately after commenting on the house vote the president headed to andrews air force base in maryland and this is new video from overnight where he boarded the plane to fly to hawaii to rejoin his family. obama spent five days there before returning to the white house last thursday. >>> changes are coming to the health care for the coming year of 2013 the main is health insurance exchanges. they must be up and running by october 1st. only 18 states including maryland on thed to build their exchange. other things you need to watch out for, contributions to a flexible spending account is limited to 2500 dollars. you're allowed to deduct more unreimbursed medical cost when you file taxes but for that you have to itemize. >> 6:47. going back to school t
, but bypassing the compromise deal in the house and the senate, congress can try to take credit for retroactive tax cuts. >> to avoid this fiscal cliff, they set up new ones. in just two months they will have to deal with the spending cuts they put off and have a nasty fight over the debt ceiling. karen travers, abc news, washington. >>> stocks hit a five-month high after the house voted. many were worried if the vote had failed, it may have pushed the u.s. into a recession. now the real test comes tomorrow when the stock exchange opens in new york at 6:30 in the morning. we're going to have more on that. that begins at 4:30 a.m. >>> president obama left washington late tonight. he is returning to hawaii to rejoin his family for a vacation. the president interrupted his traditional christmas holiday to work with lawmakers to prevent the economy from going over that so-called fiscal cliff. we have a cold night ahead with temperatures dropping into the 20s and 30s. we caught folks in union square bundled up in their winter jackets to ward off the cold. abc7's spencer christian is here with live d
to compromise on that. i think this is wishful thinking. he asked to do that because the congress has to agree on that and the republicans -- he has passed to do that -- he has to do that because the congress has to agree on that. >> to find out how global exchanges have responded, we will hear from frankfurt in a moment. first, this report on the first trading day of the year, starting in asia. fanfare for the start of the new trading year in south korea. analysts here are optimistic, despite the eurozone's continuing debt crisis and concerns about flat economic growth in developed countries. news that washington had sidestepped the fiscal cliff boosted markets across asia. >> people are very relieved this morning because the u.s. is very likely to fix their own problems in the next few days. >> the kospi index had a rise of 1.7%. the hang seng climbed above 23,000 for the first time in more than a year-and-a-half. most analysts are still urging caution and say that many of the world's economic problems remain unsolved. >> 2013 is likely to be a year of high risks and high returns compared to
's only two months a i way. good evening. >> the house approved a fiscal cliff compromise. 257-167. president obama thanked congress and then hopped on a plane to hawaii. >> reporter: president obama will sign the bill. today's pressure was intense. there there was no agreement, negotiations would have had to start all over. after closed door meetings, house republican leaders finally put to a vote the fiscal cliff compromise. a bipartisan senate packed last night. >> we had listened to the american people. we have heeded their call to work together in a pi partisan way. >> reporter: president obama spoke minutes after the vote. >> the one thing i think we'll focus on in the new year is put ago package like this together with a little bit less drama. not scare the heck out of folks quite as much. >> reporter: house majority leader voted no on the compromise. he dropped efforts to amend the bill to add more spending cuts after failing to get enough fellow republicans to agree. >> the senate bill failed miserably in cutting spending. >> i'm unwilling to go on a bill that's unacce
to fix it? our next guest served six terms and details how congress came to regard compromise with the disdain most of us have for the kevin costner movies. >> that doesn't make sense. >> i agree with you. in the guest spot, tom allen is a former representative and the author of dangerous convicts. what's wrong with the u.s. congress and he joins us now. thanks for joining us first of all and you have identified four key sources of the dysfunction that we watched on display for the last few weeks. can you take us through those? >> sure. i begin by saying what really drives members of congress crazy about the other party is they listen to the arguments on the other side and just don't believe that the other side is telling the truth. i think that fundamental disbelief drives the dysfunction that we have today. during the 12 years i was in congress, it was the phrases that we heard over and over again. tax cuts pay for themselves. we don't have to worry about them. we will be welcome as liberators in iraq. we weren't. government regulated or run health care doesn't work. half of
. but passing the compromise deal in the house and senate, congress can take credit for retroactive tax cuts. to avoid this fiscal cliff, congress essentially set up new ones. in just two months, they're going to have to deal with the automatic spending cuts they put off, and there's going to be a nasty fight over the debt ceiling. john and paula, back to you. >> we get to look forward to so much more. >>> victims of hurricane sandy will have to wait longer for help. lawmakers did not vote on a measure to provide aid to people affected by the storm. the senate hassocked more than $60 billion to the region, but house republicans say the price tag is too high and includes too much pork. >>> secretary of state clinton spending her fourth day in the hospital being treated for blood clots. chelsea clinton tweeted, thank you for all sending good thoughts my mom's day. grateful to her doctors and that she'll make a full recovery. still not clear how soon clinton will be able to go home. >>> overseas now, and gunman in northwest pakistan have am busheled a van, killing five pakistani teachers and tw
and we continue to fight for everybody going forward. >> is compromise really that dirty a word, though? for this congress to move forward, for things to actually work, is this a good system? is this a good -- to constantly have these brinkmanship, these battles that go late into the night. this is just the beginning of it, this is not even the end of it. critics say your pledge limits the flexibility member of congress might have to make compromises. >> define compromise, okay? richard nixon and ted kennedy could compromise very easily. richard nixon wanted the government to get bigger and ted kennedy wanted it to get much bigger. they compromised every year somewhere between bigger and much bigger and each one said, see, i did the best i could. today, however, we have two parties that are no longer regional parties, north versus south but actually committed to principles. the democrats have an expansive view of the role of government. they want higher taxes in order to spend more money. the republicans want lower taxes and spending less money. if somebody wants to go east and somebody
did go over that fiscal cliff. but by passing the compromise deal in the house and senate, congress can try to take credit for retroactive tax cuts. to avoid this fiscal cliff, congress essentially set up new ones. in just two months, they're going to have to deal with automatic spending cuts they put off, and there's going to be a nasty fight over the debt ceiling. john and paula, back to you. >> so basically they just worked out the tax code here. they've got the spending cuts coming up in the next couple of months. but republicans in the house didn't really like it. they voted just about 2-1 against it. but this gives them a little leverage coming up when they start negotiating for the spending cuts. i thought it was interesting, two that did vote for it, the speaker of the house, john boehner, and former vice presidential candidate paul ryan voted for the bill. against it, marco rubio. so that sets up a nice dynamic for 2016. >> no doubt about it. to put it very simple, they kicked the can down the road a little bit. we're going to catch back up with it and deal with it again. >
time the house put aside their extreme partisanship and work together on a compromise to address the nation's most pressing issues. in reality, it is far past time to put aside extreme partisanship. thread the entirety of the 100th of congress we have seen -- 112th congress we have seen narrow political interests placed ahead of the public interest. here we are on new year's night, the clock running out on the very existence of this congress. finally, considering bipartisan legislation to provide middle- class tax cuts and require the wealthiest once again pay their fair share so we can grow the economy, create jobs, and protect the most vulnerable in our society. it is indeed well past time that we got about the people's business. i served on the group of both republican and democratic representatives and senators who worked with the vice president on our nation's fiscal issues. we made good progress in those talks until our republican friends walked away, fearing the wrath of the tea party. i also served in the bipartisan joint select committee on deficit reduction, the so- cal
but bypassing the compromise deal on the house and senate congress can take credit for retroactive tax cuts. avoid this cliff congress exceptionally set up new ones n.2 most they have to deal with the automatic spending cut they put off and have a nasty fight over the debt ceiling. abc news washington. >>> that deal now goes to the president. stock in asia are already up over the news and of course the real test comes tomorrow when the stock exchange open ins new york at 6:30 in the morning. more on that on our morning news that begins at 4:30 am. now to the weather and very cold temperatures outside. spencer here with quick look at the numbers. >> very cold is right. possibly under statement look at live doppler 7 hd absence of clouds and precipitation and temperatures dropping. 33 agrees in fairfield. 37 livermore. it's quite cold all around the bay area tonight and speaking of the cold snap we have a freezing warning in effect for virtually the entire north bay from 11:00 p.m. to 9 am. low pressure in the affected area here from 24 to 28 degrees freezing damage possible to cro
back up. >> congress has nearly avoided a fiscal cliff. the republican-led house of representatives agreed on a compromise late last night. if less than 24 hours after the deal was passed by the senate. if the final house vote was 257 to 167, with 85 republicans joining democrats. the vote capped off weeks of back and forth between chambers. president obama praised the compromise, saying that he does not want a repeat of the bickering in future negotiations. >> the bill case and come taxes the same for everyone except individuals making $400,000 a year or more. it also delays automatic spending cuts in defense and government programs for two months. it extends long term unemployment benefits that were set to expire. the measure head to president obama, who has promised to sign it. he left immediately after commending on of the house vote, to rejoin his family in hawaii. >> our coverage of this fiscal cliff agreement will continue throughout the morning. essex 30 a.m. we will carry opening bell alive, as a big rally is expected after the deal. then at 6:45 a.m. kron 4 financial exper
night, the first and new year's day vote in congress since the korean war 60 years ago. a vote on a compromise agreement that neither party loves. >> virtually no 1 believes that what we have before us tonight is a long-term solution. >> it reminds me of the jokes were used to have, where someone stops hitting you in the head with a hammer and you're supposed to say thank you so much for the relief. >> in the end, house democrats were joined by enough republicans for the agreement to become law. as for the president to deliver on a campaign pledge, that the rich would pay more to help reduce the deficit. >> i will sign a law that raises taxes on the wealthiest 2% of americans wall preventing a middle-class tax hike for -- while preventing a middle-class tax hike. >> they have agreed that the wealthiest americans will pay more income tax. individuals earning more than $400,000 a year deep spending cuts of more than $100 billion have been delayed for two months which means there will be another round of haggling at the beginning of march. the u.s. government will hit what is know
in congress since the korean war 60 years ago. a vote on a compromise agreement that neither party loves. >> virtually no 1 believes that what we have before us tonight is a long-term solution. >> it reminds me of the jokes were used to have, where someone stops hitting you in the head with a hammer and you're supposed to say thank you so much for the relief. >> in the end, house democrats were joined by enough republicans for the agreement to become law. as for the president to deliver on a campaign pledge, that the rich would pay more to help reduce the deficit. >> i will sign a law that raises taxes on the wealthiest 2% of americans wall preventing a middle-class tax hikett for -- while preventing a middle-class tax hike. >> they have agreed that the wealthiest americans will pay more income tax. individuals earning more than $400,000 a year deep spending cuts of more than $100 billion have been delayed for two months which means there will be another round of haggling at the beginning of march. the u.s. government will hit what is known as the debt ceiling, the limit for borrowing an
. >>> the motion is adopted. without objection a motion to reconsider is laid on the table. >> congress passes a fiscal cliff compromise. >> the house late last night passed the senate bill that avoids the spends cuts and tax hike set to take effect later this year. >> we've set up more fiscal cliffs. we're going to look back on this night and regret it. >>> president obama urged them not to fight politics with the nation's debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up. >>> wall street is ready to rally this morning after the late-night budget breakthrough in washington. >>> asian markets got a big boost over news of the agramt. >>> horng congress's hang seng gained nearly 3%. >>> sandy hook elementary students are about to head back to class three weeks after a shooting. classes return to a repurposed school. >>> an open house is set for today. >>> a shell oil rig has run aground off the coast of alaska. >>> no oil is leaking. all members have been evacuated. >>> they captured photos of justin bean
. a divided congress passes a "fiscal cliff" compromise. but there's another big threat just a few months away. >>> it is freezing outside literally [ signal breakup ] ,,,, look at you guys with your fancy-schmancy u-verse high speed internet. you know, in my day you couldn't just start streaming six ways to sunday. you'd get knocked off. and sometimes, it took a minute to download a song. that's sixty seconds, for crying out loud. we know how long a minute is! sitting, waiting for an album to download. i still have back problems. you're only 14 and a half. he doesn't have back problems. you kids have got it too good if you ask me. [ male announcer ] now u-verse high speed internet has more speed options, reliability and ways to connect. rethink possible. to give a break cancer survivor a lifetime-- that's definitely a fair trade. it was such a beautiful experience. (jessica lee) ♪ and it's beautiful (woman) why walk 60 miles in the boldest breast cancer event in history? because your efforts help komen serve millions of women and men facing breast cancer every year. visit the3day.org to reg
-- the senate passed it. let's show the american people this congress is not broken. we are not so dysfunctional we cannot work together for and come to an agreement and compromise. let's get this done. please support the fiscal cliff bills today. >> we are about to have a hold your nose vote here in the house of representatives. many of us will wrestle with the problem. we do have an opportunity to stabilize taxation for 99% of all americans to extend an appreciation. two loans are stabilized in the calendar year 2013. there is a lot in this package that is good. there is a lot in this package not just at all. it must be addressed or it will have a huge drag on the united states economy. once again, revisit the issue for the first time in american history. it is not a perfect package. it is something that gets us by while we tackle the large issues in the next congress. >> we are confronted with a bill that, if the vote full voting- age allow us to go over the ceiling or we can try to come together and pass something that neither tside of the aisle will agree with 100 percent. -- 100%. we do no
, was their ability to compromise. the very structure of this institution, the united states congress, the very structure of our institution, which joined the people's house, where we are all privileged to serve, with the united states senate, was known as what? the connecticut compromise, or the great compromise. that is the very basis of our founders. too often we forget that while we should never, we should never compromise our principles, we must always, mr. speaker, we must always be prepared to compromise in the service of our principles. a couple weeks ago, "the economist" described another example of compromise -- this one that justice brandeis described as "one of the laboratories of democracy." the state of georgia. conservative republican governor, are former house colleague, and the liberal mayor of atlanta, are clearly at opposite ends of the political spectrum. yet they have managed to bridge the divide with a commitment to results. mr. speaker, together they have achieved significant gains for the good of georgia. mr. speaker, congress and the white house are perfectly capable of
of congress congress might otherwise have to make compromises. >> define compromise, okay? richard nixon and ted kennedy could compromise very easily. richard nixon wanted the government to get birg and ted kennedy wanted it to get much bigger opinion a bigger. today they are committed to principle. the democrats wanted an expansive view of the role of government. the republicans want lower taxes and spending less money. if somebody wants to go east and somebody wants to go west, what would a compromise be? i'm in favor of compromising in favor of -- we had a come mieds in 2011. the republicans wanted to cut taxes $6 trillion and we agreed to $2.5 trillion in spending cuts. dhafs -- that was a compromise. you can have compromise in the direction of liberty but raises taxes and spending more money, which is what obama wants to do is moving away from liberty. >> but you're painting it in extraordinarily stark terms. >> that's two parties are extraordinarily want to go in two different ways. >> do you have see any room in the pentagon budget for cuts? >> absolutely. serious conservatives ne
hill, congress narrowly avoided a fiscal cliff. >> president obama praised the compromise saying he does not want a repeat of the bickering when it comes to the future negotiations which there's plenty still to have. surae chinn is live on capitol hill with the latest drama. >> reporter: thul this bill needs is the president's signature. he is expected to sign the bill into law. this awfully sets up for the new congress to deal with more showdowns in the future as we've been talking about all morning long in the next coming months. the late night deal that was voted by the house last night raises taxes on the wealthiest americans, including families earning $450,000. but even democratic congressman jim moran voted down the bill because it sets up more fiscal showdowns, including having to debate raising the $16.4 trillion federal borrowing limit so the government can keep paying its bills. >> the problem is we set up three more fiscal cliffs. we're going to have to deal with the debt ceiling. we're going to have to deal with the continuing resolution, expiration, and we're going to
to compromise. a lot think compromise is a dirty word. they go back to districts and say they want things 100% their way. when you have divided government, one in control of congress, the only thing that stands in the way of divided government and dysfunctional government is a willingness to compromise. and that has been in short supply and we saw that. >> certainly among some house republicans. >> we saw majority of senate republicans support this. we saw majority oppose this compromise. the good news is yesterday we avoided the fiscal cliff. i hope that will be a model. in terms of being able to get things done for the good of the country. it's got stuff in there that some people like including good things but also things many of us don't like. >> i do want to mention we did reach out to several republican representatives and weren't able to get any of them to come on. >> hopefully what we can agree on is the redskins are going to win. we're going to have a big game. >> i'm with you on that. thanks for coming in . good to see you. it's 7:42. we'll be right back . 
congress takes office thursday negotiations would have had to start all over. after closed door meetings this was a vote on the fiscal cliff compromise a by partisan senate overwhelmingly passed last night. >> we have listened to the american people, we have heeded their call once again to work together in a by partisan way. >> reporter: president obama spoke minutes after the vote. one thing i think hopefully in the new year we can focus on is seeing if we can put a package like this together with less drama, a little less brinksmanship, not scare the heck out of folks quite so much. >> reporter: eric cantor voted no on the compromise. he dropped efforts to amanned the bill to add more spending cuts after failing to get enough fellow republicans to agree. >> the senate bill failed in cutting spending. >> this is unacceptable. >> reporter: the compromise makes bush era tax cuts permanent for individuals who make less than $400,000 a year and families who earn under $450,000 a year. president of the san fransisco republican assembly. >> we are spending much more than we take in. we're bor
one drama is over but the stage is sill set for new battles and debt and spending this after congress finally passed a compromise from tumbling off the so-called fiscal cliff. but the deal which the president says he will sign also includes an a cross the board tax hike with payroll taxes going back up for every american worker. while the senate overwhelmingly passed the deal it was a different story in the house. house speaker john boehner and paul ryan backed it, 167 other lawmakers in the house did not and they included eric cantor and house majority whip kevin mccarthy, as other republican lawmakers blasted the deal. >> today's agreement inch vine inshrines this into law for as long as i am president. the deficit needs to be reduced and balanced. everyone pays their fair share and pays their part. that's how our economy does best. jenna: peter doocy live at the white house. what was the main reason they gave for not supporting it. >> reporter: because this bill which orange natured in the senate and passed by own overwhelming 89-8 vote margin has $620 billion in new tax hikes and
. there will be more deficit reduction as congress decides to do -- what to do with the automatic spending cuts. i want to make this point. as i have demonstrated, i am very open to compromise. i agreed with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we have got to find ways to reform that program without hurting seniors, who count on it to survive. i believe there is further unnecessary spending in government that we can eliminate. but we cannot simply cut our way to prosperity. cutting spending has to go hand- in-hand with further reforms to our tax code so that the wealthiest corporations and individuals cannot take advantage of loopholes and deductions that are not available to most americans. we cannot keep cutting things like basic research in new technology and still expect to succeed in a 21st century economy. we are going to have to continue to move forward in deficit reduction. we have to do it in a balanced way, making sure we are growing even as we get a handle on our spending. one l
. >> this congress.. as been most condone for the on the ability to compromise. or the willingness to not come together to work act on behalf of the best of the american people. taxes will be going up on everybody in america if we do not act. we hope that our colleagues can reach a compromise. >> reporter: they're thinking that there could have been an amendment added but that decision is still this fails, that taxes will go for middle-class families. and unemployment benefits will lapse. >> catherine: michael yaki is here. >> this is basically your social security tax that was lowered. nobody really talk about extending that and some people think that that could be a bit of a drag on the economic recovery. that is something that you could still see. >> this is the ongoing house debate. >> and michael, >> this is the first cleiff the debt ceiling could also be delayed and released. by mid-march, basically there's a convergence. and when you call the last time the debt ceiling problem is when this his entire how this started. the numbers are going to be bigger. and it cost billions of dollars
willing to compromise with republicans on future deficit reduction but the next breath he suggested i am not compromise on the debt ceiling. >> i will negotiate over many things, i will not have another debate with this congress over whether they should pay the bills they have racked up through the laws they passed. >>reporter: he means the white house believes a year and a half ago when they had the debate about the debt ceiling it hurt the markets, scared consumers, and had a damaging impact on the economy. they believe previous presidents have been able to get congress both of democrat and republican control to extend the debt ceiling but now the debt so high, that it is a major, major debate. >>gregg: finally, many republicans say the debt ceiling fight is their only way to get the president to cut more spending. is that their biggest leverage? >>reporter: it is. republicans took a beating over the fact that the deal has tax increases for the rich but did not have the spending cuts that speaker boehner and others called for. they believe the debt ceiling fight is the only way to forc
by congress. what set off outrage among lawmakers last night. >>> topping this morning's news alert now, the house passed the fiscal cliff compromise late last night, clearing the way for president obama to sign it into law. it's being hailed as a victory for middle class families, but you will still see or still take a hit on your pay check this year. >> the social security tax cut is ending, so the payroll tax will return to 6.2%. for an average family making about $50s a year, that amount -- $50,000 a year, that elements to $1,000 less that you'll take home in 2013. one thing the house did not vote on last night was aid for superstorm sandy recovery. the decision leaving new york and new jersey lawmakers from both parties angered. the senate had approved a $60 billion in aid to help with the recovery. a house committee then designed a smaller $27 billion measure, but the current term of congress ended before a vote was held. the 113th congress will be sworn in today. no word on when a vote on the aid package will be held. >>> also making headlines this morning, good news on an oil d
fact that congress actually did -- the house of representatives did approve the compromise deal to avoid going over the fiscal cliff late last night, and now they are trying to find out what is in this deal or what is not in the deal and how good or bad is it. we're trying to sort it all out with arthur delaney, who covers the hill for the "huffington post." and is the editor to the huff post newsletter. peter what sup on social media. >> we're tweeting @bpshow. 250,000 and above would have been the top 2% but 400,000 to 450,000 represents .016% of americans. and if you want to know exactly what people care about aria says i hope it means i can find a job soon. >> bill: president obama did say last night before he left to rejoin his family he said i want to make thing clear, i am not going to have another debate with congress with raising the debt ceiling. it's one thing to say that but it's another thing to make it happen, right? >> the way he negotiates is -- >> bill: to give away the store. >> yeah. >> bill: i think he will hang tough on this. because i
some compromise. >> suarez: representative van hollen, let me turn to you. in this sort of situation, the clock is running. the congress is coming to its final hours. what does a minority party do in a situation likehis? can you keep all your members poised and ready to go til such time as the majority is ready to call the motion? >> well, yes, we can. ray, what we have here is a very alarming situation. you had a bipartisan compromise vote in the united states senate. 89 out of 100 senators, republicans and democrats together for the good of the country and to avoid the fiscal cliff, passing this agreement. now you have the situation in the house right now where we the democrats have asked for an up- or-down vote on that bipartisan compromise bill, and so far the word we're getting is we're not going to have that opportunity. that is a clear signal that republicans in the house are taking us right over the fiscal cliff. i wished the entire republican caucus was as reasonable as the colleague of mine and friend who is standing right next to me who is a very conservative republican, b
. you can get through but it is down to one lane. >> congress has nearly avoided a fiscal cliff. the republican-led house of representatives agreed to a compromise late last night less than 24 hours after the deal pass the senate. the final house vote was 257 to 167, with 85 republicans joining democrats. the vote capped off weeks of back and forth between chambers. president obama praised the compromise saying he does not want a repeat of the bickering in future negotiations. >> the one thing that i think we will focus on is seeing if we can put a package like this together with a little less drama. not scare the heck out of folks quite as much. we can come together as democrats and republicans. we can cut spending and reduced revenand increase revenue for everyone who was willing to work hard. >> the bill keeps income tax is just about the same for everyone except for people making $400,000 a year or more. it also delays automatic spending cuts in defense and government programs for two months and extends long-term unemployment than the benefits that were set to expire. the me
as a reduction as congress decides what to do about the automatic spending cuts now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks, i am open to compromise. i agree with the democrats and republicans that the aging population and the rising costs of health care makes medicare the biggest contributor to our deficit. i believe we have to find ways to reform the program without hurting seniors to count on it to survive. there is further unnecessary spending in government that we can eliminate. but we cannot simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax coats of that the well as corporations and individuals cannot take advantage of loopholes and deductions that are not available to most americans. we can i keep cutting things like basic research and new technology is still expected to succeed. we are going to have to continue to move forward attended as a reduction but we have to do it in a balanced way, making sure we are growing, even as we get a handle on our spending. one l
coming victory, everybody seems to be mad. now moody's is warning, their compromise does not go far enough to protect our country's aaa rating and is urging congress to do more. with more on this, democratic strategist, director of communications for american crossroads and ed rollins, republican strategist and fox news contributor. i'm going to start with you. you have the most experience with these kinds of things. moody's has already saying, ready warning, already sending a blank saying we're not where we need to be. what do you make of this? >> it's a disaster. you have not only raise taxes on the more well-to-do but basically handicapped yourself. try and raise more revenue. as the grippy have to go to again and there is always a net loss. you take a couple hundred thousand away from someone making a million. it has also split the republican party. clearly put in the speakership in jeopardy. all they're looking for is a horse. pro the have the votes to dump him. that is a terrible place to begin. you still have not got 1 penny from the deficit. gerri: you like this deal. i have
republicans. and stop the presses, there will be a bipartisan vote in congress and in the house, which we don't see a lot of on big, important and divisive issues, but it is because this is something that nobody loves because that's what compromises are, but there certainly seem to be enough house democrats, enough house republicans that they'll come together and vote on this for the simple reason that they understand that this really does matter to americans because officially, starting today, every american's taxes have gone up. they want to correct that as we've seen on press release after press release, 99% of americans to keep those in place. >> is john boehner sticking to the old rule, the denny hastert rule, that you need a majority to bring it up for a vote. if the majority is not there of the republicans who are the majority in the house, he is not going to bring it up for a vote, or are they discarding that give this current crisis? >> he's never been officially wedded to that majority of the majority idea. that has certainly been his goal in most if not all of the legislation that
, and extend unemployment benefits set to expire today, since congress missed the deadline, countries gone over the fiscal cliff, bush tax cuts have expired. but if the house will vote on the compromise, they can retroactively prevent those hikes. today, there was grumbling in the house from both sides of the aisle. >> this agreement represents absolutely the least we could have done under the circumstances. >> fails to address the threat from n.our country,qvn- uncontrolled spending. >> there is little doubt democratic members of the house would support the senate deal if it comes up for a vote, house republicans, however, are talking about adding spending cuts amendments which would throw legislation back into the senate. and frankly, jeopardize the deal. because thursday, january 3, at noon, 112th congress comes to an end and that senate agreement, it would be dead. >> thank you very much. coming up, during 4:30, abc 7 news will take a look at the fiscal cliff impass on your wall wallet. learn how much the payroll tax increase is going cost you moving on in kinld of a strange situation in s
to compromise. >> then he added he is not compromising on or negotiating about the debt ceiling. >> i will negotiate over many things. i will not have another debate with this congress. over whether or not they should pay bills they racked up. >> the white house officials say the president has the position because the last debate was harm to feel the economy. republicans insist we can't afford to not have the debate when we're $16 trillion in debt. they believe this is the only weapon to force the president to cut more spending. bret? >> bret: ed henry live on the north lawn. thank you. stocks finished ahead today now. that the fiscal cliff teal is in the books. the dow added 308. the s&p 500 was up 36. the nasdaq closed ahead 93. get analysis now of the wall street reaction. and reaction from world markets to this fiscal cliff deal. from melissa francis. markets seemed relieved today. why? >> we saw the dow go up. mostly because the deal got done. they liked something rather than nothing. the markets usually go up. if you look at the last couple of years since 2009, they have gone up
can see from this graphic, the new congress will include ten new latinos, 24 new woman, four new african-americans, five new asian-americans and four new lgbt congressmen. will an increase in diversity mean more compromise? one can only hope. >>> coming up, in every contest, there must be a winner and loser, but the winners in the fiscal cliff debate are less clear. who should respike the football and who should regroup next. personalized information and rewards for addressing my health risks. but she's still going to give me a heart attack. that's health in numbers. unitedhealthcare. just begin with america's favorite soups. bring out chicken broccoli alfredo. or best-ever meatloaf. go to campbellskitchen.com for recipes, plus a valuable coupon. campbell's. it's amazing what soup can do. >>> so with the fiscal cliff battle at an end, or at least for a moment, kind of, who emerged from the saga triumphant and whose reputation was left shattered? everyone seems to agree vice president joe biden and mitch mcconnell get high marks for being the calvary who came to the rescue, for ot
problem. what the president should do when he gets back from hawaii, call the congress and the congressional leaders and let's get to work on the grand bargain. the big deal. and the big deal is going to require, as chairman cleaver said, more compromise. on everyone's behalf. on the president's behalf and on the republicans behalf. progressives have to understand that and we've got to give the president some leeway. and the people on the far right have got to understand. it's the only way that this will work for the long term good of the american people. >> all right, chairman cleveland, governor rendell. i'm going to have to leave it there. thanks for both of your time tonight and happy new year. >> happy new year to you, rev. >>> co >> coming up, jersey strong. chris christie unleashes a massive attack on speaker john boehner. >> it was disappointing and disgusting to watch. >>> this was the speaker's decision? he is alone. >>> that's why people hate washington, d.c. that's why they hate this politics. >> and the gop crack up is boehner's number two. eric cantor, is
and there will be more deficit reduction as congress decides what to do about the automatic spending cuts that we have now delayed for two months. as i've demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we've got to find ways to reform that program without hurting seniors, who couldn't on it to survive. and i believe there's further unnecessary spending in government that we can eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax code so that the wealthiest corporations and individual can take advantage of loopholes and deductions that aren't available to most americans and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. so we're going to have to continue to move forward in deficit reduction but we have to do it in a balanced way, making sure that we are gro
as congress decides what to do about the automatic spending cuts that we have now delayed for two months. as i have demonstrated throughout the past several weeks, i am very open to compromise i believe that we have to find ways to reform the program. there is further spending that we can eliminate in government. but we can't simply cut away to prosperity. cutting spending has to go hand-in-hand with further reforms to our tax code so that the wealthiest corporations and individuals can take advantage of loopholes and deductions that aren't available to most americans. and we can't keep putting things like basic research and new technology and still expect to succeed in the 21st century economy.. we have to do it in a balanced way. even as we get a handle on our spending. i will not have another debate with this congress over whether or not they should pay the bills that they have wrapped up through the laws they pass. we cannot pay bills we have already incurred. the consequences would be catastrophic. borrowers from a fiscal cliff we can't go down that path again. today's agreement enshrined
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